Cybersecurity Firm OneSpan Reports Double-Digit Growth

OneSpan (NASDAQ:OSPN), a company principally engaged in secure transactions and identity verification announced US$56.2 million in its second quarter earnings report. Revenue figures rose by 13 percent year-over-year, bolstered by its partnership with fintech company, Avaloq for its anti-fraud services.

As quoted in the press release:

“OneSpan’s mobile security software, subscription and hardware revenues all posted double-digit growth in the second quarter,” stated OneSpan CEO, Scott Clements. “Software and services bookings grew in excess of 30% sequentially and hardware bookings remained strong. We expect profitability to improve in the second half of 2019 on higher revenues, increasing contributions from software and services, and lower operating expenses.”

Second Quarter 2019 Financial Highlights

• Revenue for the second quarter of 2019 was $56.2 million, an increase of 13% from $49.6 million for the second quarter of 2018. Revenue for the first six months of 2019 was $103.8 million, an increase of 9% from $95.0 million for the first six months of 2018.

• Gross Profit for the second quarter of 2019 was $38.4 million and $69.9 million for the first six months of 2019. Gross Profit for the second quarter of 2018 was $36.0 million and $70.7 million for the first six months of 2018.  Gross margin for the second quarter of 2019 was 68% and for the first six months of 2019 was 67%. Gross margin for the second quarter of 2018 was 73% and for the first six months of 2018 was 74%.

Click here to read the full press release.